黄金增值税新政落地，首饰金价格涨7%，金条涨更多！纸黄金免税？

Core Viewpoint - The new tax policy on gold, effective from November 1, 2023, primarily affects the value-added tax (VAT) on gold purchases, which is expected to increase the price of gold jewelry significantly due to changes in tax deduction rates [1][3][10]. Tax Policy Impact - The new policy introduces a VAT rate of 13% on gold, with a deduction rate reduced from 13% to 6% for non-investment gold purchases, leading to increased costs for consumers [3][6]. - For example, if a company purchases gold at 920 yuan per gram and sells it as jewelry for 1200 yuan, the VAT payable will increase from 36.4 yuan to 100.8 yuan, resulting in a price increase of approximately 64.4 yuan per gram for consumers [4][6]. Comparison of Investment vs. Non-Investment Gold - Non-investment gold, such as jewelry, will see a price increase due to the new tax policy, while investment gold, like gold bars, will incur higher tax obligations as no input tax can be deducted [8][10]. - For instance, if a company buys a gold bar at 600 yuan per gram and sells it at 1000 yuan, the full VAT will apply, leading to an additional cost of 130 yuan per gram for the end consumer [8]. Beneficiaries of the New Tax Policy - The primary beneficiaries of the new tax policy are financial products like paper gold and gold ETFs, which are exempt from VAT as they do not involve physical delivery of gold [10][12]. - The policy aims to differentiate tax rates based on the purpose of gold purchases, encouraging investment in financial derivatives rather than physical gold [12][14].